39 percent?

It was a startling announcement that got too little attention: Earlier this month the Federal Reserve issued findings showing that the median U.S. household lost nearly 39 percent of its wealth from 2007 to 2010.

Anyone who cares about America's place in the 21st Century economy should find this 39 percent figure depressing for all the obvious reasons. But that shocking statistic also makes our task all the more clear: we must grow our way back into confidence and prosperity. And we get to decide whether Obama or Romney has the best chance of achieving that.

That's a hell of a debate. But the Fed numbers show that the winner of that battle will have a historic task on his hands come next January.